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This is not the expected behaviour. When Load function code is selected for an existing workspace function, the function name should appear in the editor tab and the Save option should allow the existing function to be updated. Save as function is intended for creating a new function
First, please confirm that your account has the Log Analytics Contributor role, or the Microsoft.OperationalInsights/workspaces/savedSearches/write permission.
If the permissions are correct and the same issue occurs in another browser or private session, this is likely a portal UI regression. As a temporary workaround, the existing function can be updated through Azure CLI:
az monitor log-analytics workspace saved-search update \
--resource-group "<resource-group>" \
--workspace-name "<workspace-name>" \
--name "<saved-search-resource-name>" \
--saved-query "<updated-KQL-query>"